Swedish challenger Northmill acquires Zettle-rival Moreflo

Swedish fintech Northmill Bank has acquired native payments firm Moreflo, as it makes a play in the B2B retail sphere.

Founded in 2006, Northmill received its full banking licence in 2019 and is eyeing up European expansion.

Sweden’s Moreflo develops payment solutions for small and large organisations. It currently works with over 2,500 merchants and 400,00 end users in Norway Sweden, Finland and Denmark. 

Northmill is moving into a B2B payments market that features the likes of Adyen and Klarna, but the financial details of the deal have not been disclosed.

It has the lofty ambition of wanting to “erase the border between in-store and online shopping”.

Last year, the Swedish bank closed a SEK250m (£22m) funding round and it currently has operations in Sweden, Norway, Finland and Denmark.

Following the acquisition, Moreflo will now change its name to Northmill Flo.

Tord Topsholm, CEO at Northmill, said: “We will give merchants the tools to offer an amazing experience for the end users, regardless of how or where they choose to shop. Just like many banking customers, a lot of merchants feel forgotten and put aside, not least after the turbulence of recent years. 

“We want to change that. The market will look very different in just a few years. The next generation’s shopping will be without boundaries where social platforms, in-store and e-commerce fill the same purpose.”